Polymarket Says $520,000 Drain Didn’t Affect User Funds
Summary
- Polymarket said user funds and its market settlement system remain safe despite a drain of about $520,000.
- The incident was caused by a compromised private key linked to a wallet used for the rewards payment system, and was not related to smart contracts or core infrastructure, the company said.
- Funds were drained from two smart contracts related to the Polygon (POL) network, and Polymarket said it is conducting a further investigation and follow-up measures.
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Prediction-market platform Polymarket said user funds and its market-settlement system remain secure after a recent $520,000 drain.
CoinDesk reported on May 22 that Polymarket developers wrote on X that the incident stemmed from a compromised private key linked to a wallet used for rewards payments. Shantikiran Chanal, a Polymarket official, said user funds and market settlement were safe. The problem involved an internal operations wallet, not the platform’s smart contracts or core infrastructure.
Earlier, on-chain investigator ZachXBT said about $520,000 was drained from two smart contracts related to Polymarket on the Polygon (POL) network.
Polymarket is carrying out a further investigation and follow-up measures, CoinDesk reported.
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